On February 17, 2023, with the approval of The State Council, the China Securities Regulatory Commission issued the relevant system rules for the management of overseas listing records, which will be implemented from March 31, 2023.

There are six institutional rules issued this time, including the "Trial Measures for the Management of Overseas Issuance of Securities and Listing by Domestic Enterprises" (hereinafter referred to as the "Trial Measures for Management") and five supporting guidelines.

"Management Trial Measures" a total of six chapters 35, the main content: first, improve the supervision system. We will implement unified filing management for the direct and indirect overseas listing activities of domestic enterprises, and clarify the applicable circumstances for the direct and indirect overseas issuance of listed securities by domestic enterprises. Second, clear filing requirements. Clarify requirements such as the subject, time and procedure for filing the record. Third, strengthen regulatory coordination. We will establish a regulatory coordination mechanism for overseas issuance and listing of domestic enterprises, improve cooperation arrangements for cross-border securities supervision, and establish mechanisms for filing and reporting information. Fourth, clarify legal responsibilities. Clarify the legal responsibility for violations of laws and regulations such as failure to fulfill the filing procedures and falsification of filing materials, and increase the cost of violations. Fifth, make institutions more inclusive. In light of the actual opening up of the capital market and the needs of the market, relax the restrictions on the issuing objects of direct overseas listing under certain circumstances; Further facilitate "full circulation"; Relax restrictions on the currencies used to raise funds and pay dividends overseas to meet the needs of enterprises to raise RMB overseas. The supporting guidelines cover the application of regulatory rules, the content and format of filing materials, the content of reports, the communication of filing, and the filing of overseas securities companies, and further clarify and refine the filing requirements.

The CSRC said that the country's direction of expanding the opening up of the capital market will not change, and the issuance and implementation of the overseas listing filing management system rules will better support enterprises to list overseas in accordance with law and compliance, and use the two markets and two resources to achieve standardized and healthy development.